Crypto-Friendly Banks in Portugal

Crypto-Friendly Banks in Portugal

With its crypto-friendly status, Portugal has become a good example for other European countries. It attracts international entrepreneurs, investors, and digital nomads. It allows them to earn cryptocurrencies without paying taxes.

Over the years, Portugal has announced some incentives. Now, cryptocurrency dealers and miners enjoy Portugal’s crypto-friendly climate. But how about the banks in Portugal? Are there any crypto-friendly banks in Portugal? First, let’s learn how cryptocurrencies work in Portugal.

Portugal Cryptocurrency and Blockchain Community

In Portugal, there is a sizable blockchain community. Hundreds of organizations and groups trade in various currencies all throughout the country. You may achieve them to improve your understanding and stay up to date on what’s going on in the Portuguese crypto community. Some of them are; The Block, The Blockchain Center Portugal, and Blockchain Portugal.

What Are the Influences on Other European Countries?

Portugal is one of the most bitcoin-friendly countries in Europe. In Portugal, there are no specific regulations for crypto trading. It provides all investors and entrepreneurs with an opportunity to rely on Portugal. It’s of course for future crypto trading and similar benefits.

Let’s talk about the crypto-currency-friendly banks in Portugal.

Portugal Bank System for Cryptocurrency

The Central Bank of Portugal, Banco de Portugal, has issued licenses for Criptoloja and Mind The Coin. It allows operating as crypto exchanges.

The Banco de Portugal is both a central bank and a national responsible authority. It is in charge of payment and credit sector management. It has expressed strong enthusiasm for cryptocurrencies, particularly for consumer protection. It has provided some popular declarations and precautions on the subject, through the regulatory requirements of other eurozone central banks. Like, European government regulators like the ECB and the EBA.

Criptoloja and Mind the Coin are now able to provide money transfers among virtual assets and fiat currencies. According to the license, it’s between many virtual assets. Also, it includes the costs of transfer services, storage, and asset administration.

Banco del Portugal approves these two crypto exchanges as virtual asset service suppliers. But, it doesn’t imply that the bank would accept cryptocurrencies as legal currency.  After getting five registration requests from different exchanges, the bank waited nine months to get this permission.

Bison Bank, a Portugal-based financial institution also received a license from the Portuguese central bank in April 2022, to operate as a virtual asset service provider.

How Can I Open a Bank Account in Portugal?

If you’re creating a non-resident account from abroad, you’ll need to visit a local location to open a Portuguese bank account. Many banks now allow customers to open accounts online.

If you have the required papers, opening a bank account in Portugal is generally simple.

It will mostly include:

  • Passport
  • Evidence of address, such as a recent electricity bill
  • Portuguese NIF number

If you need more details, you can check on our Opening A Portuguese Bank Account article.

Cryptocurrency banking systems in Portugal have developed in recent years. The popularity of Portugal is increasing rapidly. In the future, we are expecting more upgrades for the crypto-banking system in Portugal. Meanwhile, you can check on our Cryptocurrency in Portugal article. So you can refresh your information and keep updated.

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